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With Airdrie-based driver Ryan Dalziel at the wheel assisted by James Walker, Rangers finished the first season 13th out of 18 as Beijing raced to the title.

A number of broadcasters including the doomed Setanta Sports bought into the formula and Rangers chief executive Martin Bain said at the time: "It is a project which will not only promote Rangers across the world, but also provide an income stream for the club.

"We will benefit greatly through sponsorship, television and spectator revenues, so it is a win-win situation for us.

"Superleague Formula will introduce the passion of the Rangers brand to a new range of fans, in addition to our existing support, and we are proud to represent Scotland in the new venture.

"The club has enjoyed some fantastic European nights of late, and we look forward to competing against some of the biggest names in world football in Superleague Formula."

Team Rangers competed for two years at Superleague Formula (Image: PA)

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Bosses wanted the sport to increase to 26 cars and a more diverse range of circuits for season two with co-founder Robin Webb stating: "Superleague Formula combines the passion of football with the thrill of auto racing."

And it continued to grow in 2009 with Rangers returning for the second season, this time with Australian racer John Martin at the wheel. They even tasted success, winning the Donington Park leg of the campaign.

But that was to prove their only victory. It lifted the club to 10th place finish with English duo Liverpool and Spurs finishing first and second.

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However the sixth round of the 2009 season, in Jarama, Spain, proved to be the last race involving Rangers with the club getting out of the series before it crashed and burned.

The team was left off the provisional entry list for season 2010 along with Al Ain and FC Midtjylland and a year later, after club crests had been replaced by national colours on the cars, Superleague Formula hit the buffers.

The season came to an abrupt end after just two of the scheduled eight rounds after a number of complications including tracks not being prepared in time and various fall outs between race organisers.

Drivers and teams drifted to other series and Superleague Formula was discontinued after just four seasons of racing.